ABUJA (EPICSTORIAN ) — Folashade Odelana and Bamidele Ayodele Abiodun have been declared wanted in connection with the CBEX Crypto Scam, a massive N1.3 trillion fraud operated through the digital trading platform Crypto Bridge Exchange (CBEX).
Public Alert Issued For CBEX Crypto Scam Suspects
The Economic and Financial Crimes Commission (EFCC), in a statement posted on its verified X (formerly Twitter) account, appealed to the public for credible information on the whereabouts of the suspects, assuring whistleblowers that all reports would be handled with strict confidentiality.
According to the EFCC, the CBEX platform was used to defraud thousands of Nigerian investors, many of whom were young adults seeking financial stability through cryptocurrency.
Agency Recovers Funds, Arrests Suspects In CBEX Crypto Scam
EFCC Chairman Ola Olukoyede confirmed during a televised interview with TVC that the agency had recovered a significant portion of the stolen funds. “We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he said.
He explained that the funds were initially stored in crypto wallets and that the conversion back to naira or dollar posed significant challenges due to the nature of the scam’s operation.
“The same way the money was taken, we had to follow the same digital trail,” he added. “There is no way you get the dollars in cash without necessarily going through the same process.”
Crypto Wallets In Eastern Europe Traced
The EFCC revealed that perpetrators of the CBEX Crypto Scam used non-custodial wallets—digital wallets with no user identity attached—making the funds harder to trace. The fraudulent assets were transferred to crypto wallets in Cambodia and Eastern Europe, with some accounts already frozen to prevent further dispersion.
“We are investigating a lot of wallets and have been able to block some where money hasn’t been moved yet,” Olukoyede said. He warned that some perpetrators are still on the run and stressed the difficulty of recovering funds once they leave local jurisdictions.
More Arrests Expected As CBEX Crypto Scam Widens
In April, Adefowora Abiodun, a suspected promoter of CBEX, voluntarily turned himself in to EFCC headquarters in Abuja. His lawyer, Babatunde Busari, stated that Abiodun intended to assist in the ongoing investigation and clear his name of wrongdoing.
Following a Federal High Court ruling by Justice Emeka Nwite, six CBEX promoters were declared wanted, including Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The CBEX Crypto Scam is estimated at over $1 billion in stolen investor funds.
EFCC Warns Public As CBEX Crypto Scam Claims More Victims
The anti-graft agency emphasized the need for public vigilance, noting that many Nigerians continue to fall for similar schemes despite multiple warnings and crackdowns. “People should learn from this,” Olukoyede stated firmly.
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The EFCC continues its pursuit of remaining suspects and maintains that further arrests are imminent.
Meanwhile, it urges Nigerians to conduct due diligence before investing in online platforms claiming to offer high returns through crypto assets.
CBEX crypto scam,
EFCC arrests, Crypto fraud Nigeria
